A SEISMIC reprocessing and inversion study over the Beehive prospect in WA 488 P was completed in June, with MEO Australia saying it is encouraged by the results.

MEO, which holds 100 per cent interest in the prospect, said the seismic inversion results had reinforced the interim reprocessing results and had enhanced the understanding of the Beehive reservoir and seal units.

The company says Beehive is potentially a multi-billion barrel, dual objective, oil prone prospect in the Bonaparte basin located in 40 metres of water depth next to the producing Blacktip field.

It is defined by a tight grid of pre-existing 2D seismic data, which MEO has reprocessed in order to further de-risk the prospect.

The seismic reprocessing and inversion provided evidence to support elements of the Beehive prospect, particularly that the primary reservoir is a Carboniferous carbonate buildup.

In addition, MEO reported the overlying seal is a bland, shale prone sequence capable of trapping any hydrocarbons in the substantial structure have been retained.

Key elements of the Beehive study include higher quality reprocessed seismic reflectivity sections that provide improved definition of the prospect, interval velocity analyses that show velocities consistent with Beehive carbonate reef (build up) interpretation, and seismic inversion products that conclude Beehive is most likely to have sealing shales overlying the carbonate reservoir section.

MEO reported reprocessed seismic as showing clearer definition of the edge of the Carboniferous carbonate build up unit, which is the predicted reservoir at Beehive, and the encasing units, which are predicted to seal the Beehive prospect, appear increasingly bland, which is more likely to be a shale sequence with good sealing properties.

MEO managing director Peter Stickland said company expectations had been lifted by the results of reprocessing and inversion of seismic data across the prospect.

“This study has generated multiple data sets, with a dramatic improvement in data quality. All of the products are pointing in the same positive direction and strengthen our understanding of the likelihood of good reservoir and seal characteristics, which are key elements of the Beehive interpretation,” he said.

MEO will proceed to update its risk analysis and characterisation of the Beehive prospect and then seek a farm-in partner in the second half of 2016 to fund further exploration of the prospect, Mr Stickland said.